Aquila European Renewables board 'disappointed' after preferred bidder changes offer

Pauses sale process

Aquila European Renewables (AERI) has paused its share selling process after the preferred bidder reduced the number of assets it was planning to acquire, along with a cut in the indicated acquisition price.

In a stock exchange notice (28 July), the board said that decision followed "extensive negotiations" with the bidder, a move that led to a "broadly agreed" form share purchase agreement. Apax Global Alpha to be taken private by PE consortium in £794m deal However, the bidder's "revised offer" would mean "a less material proportion of the portfolio would be sold and is expected to lead to a situation which is potentially prejudicial to the marketability of the balance of the portfolio". "Accordingly, the board has decided to pause the sales process with the preferred bidder, wh...